NANA Development sets first-lien loan spread at Libor plus 500 bps

By Sara Rosenberg

New York, Aug. 4 - NANA Development Corp. firmed pricing on its $175 million first-lien term loan (Ba3/BB) at Libor plus 500 basis points, the tight end of the Libor plus 500 bps to 550 bps talk, according to a market source.

The 1.5% Libor floor, original issue discount of 98 and call protection of 103 in year one, 102 in year two and 101 in year three were left unchanged.

The company's $520 million credit facility also includes a $260 million second-lien term loan (B3/B+) and an $85 million five-year ABL revolving credit facility that is being held by Bank of America Merrill Lynch.

The term loans are being led by Goldman Sachs & Co.

Pricing on the second-lien term loan is in the low 12% area, and the loan is non-callable for one year, then at 103 in year two and 101 in year three.

Proceeds will be used to refinance the company's existing credit facility and to fund the acquisition of Grand Isle Shipyard Inc., a Galliano, La.-based service provider for the oil and gas industry.

NANA Development is an Anchorage-based provider of engineering and construction, resource development, facilities management and logistics, real estate and hotel development, and information technology and telecommunications services.

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